Prism Stocks making the biggest moves premarket: Lilly, 3M, McDonald’s and more

Here’s a quick scan of the significant corporate news before the market opens.

McDonald’s

— The renowned fast-food chain’s stock dipped nearly 2% during premarket trading as it missed analysts’ quarterly earnings expectations with a slump in same-store sales. The global sales grew 1.9%, failing to meet the anticipated 2.1% growth.

Stellantis

— The automaker, which manufactures Jeep, witnessed a 3.6% drop in shares as its revenue fell short of predictions. The first-quarter revenue dipped 12% due to a reduction in sales and foreign exchange impacts despite solid net pricing.

Coca-Cola

— The beverage giant’s shares dropped about 0.4% even as its first-quarter results slightly surpassed expectations. Coca-Cola reported 72 cent adjusted earnings per share on revenue worth $11.30 billion. The revenue growth was driven by increases in pricing and product variation.

Tesla

— The shares of the electric vehicle innovator dipped 1.9% in premarket trading following a 15.3% surge as some investors cashed in on gains. The plunge came amidst the company’s approval from China to launch its advanced driver-assistance service technology.

HSBC

— Europe’s leading bank, HSBC reported a 4.2% increase in shares post surpassing first-quarter earnings expectations and announced the exit of its Group Chief Executive Officer, Noel Quinn. The bank also confirmed its 2024 financial guidance.

Eli Lilly

— The pharmaceutical firm’s shares surged nearly 7% after it reported first-quarter adjusted earnings of $2.58 per share, outperforming analysts’ forecast. The company also revised its full-year guidance for adjusted earnings and revenue.

3M

– The shares of the industrial products manufacturer jumped 7.7% after the company posted earnings of $2.39 per share on revenues worth $7.72 billion. The company also announced a cut in its dividend, which had been increased for 64 consecutive years, post spinning off its healthcare unit.

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Prism Stocks making the biggest moves premarket: Lilly, 3M, McDonald’s and more

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